# In the matter of Meghalaya Infratech Limited IA(IB) No. -2020 in CP(IB) No. 13-GB-2019

> NCLT judgment dated 2020-05-18. Citation: TCN-2020-NCLT-01350. The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 18 May 2020
- **Citation:** TCN-2020-NCLT-01350
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/meghalaya-infratech-limited-iaib-no-2020-in-cpib-no-13-gb-2019-af6f297c

## Summary

### Background

The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Allahabad Bank against Meghalaya Infratech Limited, initiating the Corporate Insolvency Resolution Process (CIRP). The application was admitted on 28/08/2019, and Mr. Amit Pareek was appointed as the Interim Resolution Professional (IRP). Subsequently, he was appointed as the Resolution Professional (RP) after the first Committee of Creditors (CoC) meeting on 25/09/2019. The CIRP period of 180 days expired on 24/02/2020, and the extended period of 90 days was set to expire on 24/05/2020. The RP filed an application for final approval of the Resolution Plan, which was approved by the CoC at its 7th meeting held on 06/03/2020.

## Facts

Allahabad Bank initiated Corporate Insolvency Resolution Process (CIRP) against Meghalaya Infratech Limited by filing CP(IB) No. 13/GB/2019 under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 28/08/2019, and Mr. Amit Pareek was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement under Section 15 of the I&B Code, inviting claims from creditors. A Committee of Creditors (CoC) was formed on 17/09/2019. Expression of Interest (EoI) was invited, and four EoIs were received. The CoC decided to follow the Swiss challenge method of bidding. Mr. Ngaitlang Dhar was declared H-1 and Mr. Abhishek Agarwal as H-2. The CoC approved the Resolution Plan of H-1 bidder with a 100% voting share on

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by the Resolution Professional meets the mandatory …

**Ratio:** Regulation 38 of the IBBI (Insolvency Resolution Process for Corporate Persons)

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**Reasoning:** The court relied on the Resolution Professional's submission that the resolution plan

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**Interpretation:** The court interpreted Regulation 38 and Section 30 to ensure that the

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**Application:** The court applied the ratio to the facts of the case, finding that the

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## Parties

- **Judges:** Jinan…
- **Appellants:** Allahabad…
- **Respondents:** Meghalaya…

## Timeline

- **2019-08-28 — Application A…**: Application under Section 7 of IBC admitted; Mr. Amit Pareek appointed as Interim…
- **2019-09-17 — CoC Form…**: Committee of Creditors…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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